Hyundai is investing US$530 million in India to bring more electric vehicles to the country, while Ola, a local EV startup, has raised US$139 million in funding with a loss forecast for fiscal 2021.
Hyundai to launch a new EV lineup in India
Hyundai has announced that it will invest around Rs 4,000 crore to launch six all-electric vehicles in India by 2028, which is great news for the Indian automotive industry.
Hyundai said in a statement that it will introduce a variety of models, including an SUV, a sedan, and a compact crossover, based on existing platforms that have been modified to include an electric powertrain, as well as models based on its dedicated EV architecture, known as the Electric Global Modular Platform (e-GMP).
Hyundai Motor India MD & CEO Seon Seob Kim confirmed to PTI that the first of these six models, the all-new Hyundai Ioniq 5 crossover, will be launched in 2022.
Ola raises US$1390 million
Ola has raised US$139 million in a Series J round, according to the Economic Times. Ola’s company was valued at US$7.3 billion, according to official filing papers. COVID caused the company’s revenue to drop dramatically year over year in the fiscal year 2021, but losses after tax narrowed to US$478 million.
Starlink looks to obtain a license next year
According to the Economic Times, SpaceX is applying for a commercial license in India for its Starlink satellite broadband service. Pre-orders for the company’s services have surpassed 5,000, with the service set to launch in 2022.
Car sales decreased 2.7% in November
According to India Infoline, FADA data showed that total retail vehicle sales fell 2.7 percent in November compared to the same month in 2020 and 20 percent compared to the same month in 2019. Retail sales of three-wheelers and commercial vehicles increased by 67 percent and 13 percent, respectively, in November 2021.
Handset launches in 1Q22 to decline 20%
According to the Economic Times, the chairman of the India Cellular Electronics Association (ICEA) predicts a 20% drop in handset launches in the first quarter of 2022 due to the Omicron variant of COVID-19 and component shortages.
